Sale of Wagamama owner the Restaurant Group completes

The sale of the Restaurant Group (TRG) to private equity giant Apollo Global Management for £506m has completed.

The deal for the casual dining giant, which will take the company private, had been approved by 93.5% of shareholders.

Andy Hornby, who previously came under fire from investors over his pay packet, is to stay on as chief executive officer, while Mark Chambers will continue as chief financial officer.

Chair Ken Hanna and non-executive directors Graham Clemett, Zoe Morgan, Loraine Woodhouse and Helen Keays have tendered their resignations and have stepped down from the TRG Board. Meanwhile, Apollo's Alex van Hoek and Eugenia Gandoy have joined the TRG board.

Apollo paid shareholders 65p a share in cash, giving TRG, which incorporates Wagamama and the Brunning & Price pub chain, an enterprise value of £701m.

Analysts had been divided about the terms of the deal, with some warning it was too low and likely to flush out another bid. PizzaExpress owner Wheel Topco considered making a rival bid, but decided not to proceed due to "market conditions".

The sale follows a turbulent year for TRG, which saw activist shareholders dispute the direction the company was taking and the renumeration packages offered to senior figures.

In September TRG announced it would offload its leisure business arm, paying the Big Table Group £7.5m to take its Chiquito's and Frankie & Benny's brands off its hands.

Big Table Group agreed to pay a token £1 for the 75 loss-making sites, while TRG contributed £7.5m to the Big Table Group subject to certain conditions.

TRG comprises more than 400 UK sites including Wagamama, the Brunning & Price pub chain and a concessions business.